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ing houses as M. M. Witmark & Sons, the Remick Music Company, Harms, Incorporated, and others. Warner Brothers still control the Brunswick Radio Corporation, but they sold the commercial records division of this company in the latter part of 1931.
The large interests, which, with the coming of sound, the major electric companies such as General Electric and Western Electric have come to possess, also suggest wide internal ramifications. There is no particular need here to discuss these relationships. Some idea of the complex character of them may be seen in Exhibit 25. Later in the discussion a more detailed consideration of the issues involved may be found.
Various financial groups have also become increasingly interested in this field. In the summer of 1931, the board of directors of the Fox Film Corporation was reorganized, following the withdrawal of Halsey Stuart & Company, with the result that a majority of the board of directors were bankers. While that situation was the first in which bankers had an actual voting control of a major motion picture company, banking influence had been a predominating factor in the Paramount Publix Corporation through Kuhn Loeb & Company, and in Loew's, Incorporated, through Lehman Brothers. With Warner Brothers, Goldman Sachs & Company was represented through Waddill Catchings as chairman of the finance committee. In practically every company a predominant banking influence can be discovered. The entrance of these large financial interests into the motion picture field in a direct, continuing, and controlling manner has had an influence paralleled only by that of the electrical interests. Subsequently, we shall have occasion to revert to the part played by these financial interests in determining the actual policies of the motion picture companies.
Thus the motion picture industry has grown to one of vast size involving interests far beyond those once considered as included within its proper field. The publication of music, the manufacture and distribution of phonographs and phono